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Commodity Daily News
Crude Declines on Firmer Dollar
Friday, 19 Mar 2010
Crude oil traded lower on Thursday, down 73 cents, or 0.9% as hesitations over European plans to help Greece pressured the EUR, lifted the U.S dollar and weighed on commodities.
Crude oil dropped for a 2nd day amid low fuel demand in the U.S., the world's biggest energy consumer. The commodity's price was slipping and as a firmer dollar damped the investment appeal of commodities. Oil traded around $82 a barrel after the dollar gained against the euro on speculation Greece may fail to secure financial assistance from the European Union. Adding pressure to Crude was a report showing seaborne oil exports by OPEC, excluding Angola and Ecuador, will rise by 70,000 barrels per day in the four weeks to April 3.
